I think you could pretty much paint any portrait from those colors. Other pigments might be needed for some types of clothing and backgrounds, but a whole painting with neutral-colored clothing and background could easily be created with your limited palette.
The colors you mention are very similar to an old master's palette. It is said that Rubens used only white plus Venetian Red, Yellow Ochre and Ivory black.
For painters just starting out with color a limited palette such as the one you describe is often highly recommended -- and can also be a good discipline for many more advanced painters too.
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